Hormel Foods 2013 Annual Report Download - page 33

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31
Management’s Report on Internal Control
Over Financial Reporting
Management of Hormel Foods Corporation is responsible
for establishing and maintaining adequate internal control
over financial reporting for the Company, as such term is
defined in Exchange Act Rule 13a–15(f). The Company’s
internal control system is designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes
in accordance with generally accepted accounting standards.
Under the supervision, and with the participation of manage-
ment, including the Chief Executive Officer and Chief Financial
Officer, we conducted an evaluation of the effectiveness of
our internal control over financial reporting based on
the framework in Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the
Treadway Commission (1992 framework).
Based on our evaluation under the framework in Internal
Control – Integrated Framework, we concluded that our
internal control over financial reporting was effective as of
October 27, 2013. Our internal control over financial reporting
as of October 27, 2013, has been audited by Ernst & Young
LLP, an independent registered public accounting firm, as
stated in their report which is included herein.
Jeffrey M. Ettinger
Chairman of the Board,
President, Chief Executive
Officer, and Director
Jody H. Feragen
Executive Vice President,
Chief Financial Officer,
and Director
Management’s Responsibility
for Financial Statements
The accompanying financial statements were prepared by the
management of Hormel Foods Corporation which is respon-
sible for their integrity and objectivity. These statements have
been prepared in accordance with U.S. generally accepted
accounting principles appropriate in the circumstances and,
as such, include amounts that are based on our best estimates
and judgments.
Hormel Foods Corporation has developed a system of inter-
nal controls designed to assure that the records reflect the
transactions of the Company and that the established policies
and procedures are adhered to. This system is augmented by
well-communicated written policies and procedures, a strong
program of internal audit, and well-qualified personnel.
These financial statements have been audited by Ernst &
Young LLP, an independent registered public accounting firm,
and their report is included herein. The audit was conducted
in accordance with the standards of the Public Company
Accounting Oversight Board (United States) and includes a
review of the Company’s accounting and financial controls
and tests of transactions.
The Audit Committee of the Board of Directors, composed
solely of outside directors, meets periodically with the inde-
pendent auditors, management, and the internal auditors
to assure that each is carrying out its responsibilities. Both
Ernst & Young LLP and our internal auditors have full and free
access to the Audit Committee, with or without the presence
of management, to discuss the results of their audit work and
their opinions on the adequacy of internal controls and the
quality of financial reporting.
Report of Management